The North American electric capacitor market is evaluated at US$1.919 billion for the year 2020, growing at a CAGR of 3.52% to reach a market size of US$2.445 billion by the year 2027.
An electric capacitor, like a rechargeable battery, can store energy in the form of electrical charge while producing a static voltage across its plates. Because of its simple charging and discharging characteristics and lightweight, it has effectively supplanted traditional batteries. As technology has progressed, capacitors have become an essential component in the production of practically every electronic device. The growing use of electric capacitors in industries such as industrial, automotive electronics, consumer electronics, energy, and others is propelling the North American electric capacitor market forward.
The market is driven by the electric capacitor's increased capacitance value. Electric capacitors are an important component in the circuit designer's inventory, combining low size with high capacitance and low cost when compared to other types of capacitors. The electric capacitor market is growing due to its extended service life and low cost.
On the other hand, limited energy storage may cause market growth to slow due to its poor energy capacity. If electric capacitors are not mounted properly, they will not attain the correct capacitance and may cause internal gas pressure, which could also lead to an explosion. As a result of these shortcomings, market growth may suffer.
Moreover, if installed correctly, electric capacitors are a very integral part of circuit design, as they can provide a high capacitance for a small capacitor. As a result of the rising demand for consumer durables, the demand for electric capacitors is expected to rise, potentially creating an opportunity for the electric capacitor market.
COVID-19 IMPACT
The United States had the most confirmed COVID-19 cases in North America, followed by Canada and Mexico. The COVID-19 epidemic is having a detrimental influence on the electrical and auto industries in the region, as the problem has hampered supply and distribution. Critical component and material shortages due to supply chains and COVID's worldwide impacts and timeliness were pertinent issues. Furthermore, transportation has been impacted by logistics delays and other issues. Auto sell-through and order push-outs were lower than projected in distribution channels, along with auto OEMs' manufacturing slowing down, causing demand to fluctuate. Loss of income and stay-at-home orders caused a drop in demand for mobile phones and consumer electronics, as well.
Recent Development
The market for film-based electric capacitors is expected to increase steadily due to their utilization in automotive electronic units, as well as their ability to perform stable operations in higher temperatures and vibrating settings. The high voltage handling capability of these items, in comparison to their competitors, is attributable to their widespread applicability.
Polarized electric capacitors are expected to rise in the coming years, according to polarisation. High capacitance, the capacity to endure large charge and discharge cycles, as well as rapid supply and charge storage, are all key attributes that are driving product adoption. The non-polarized section, on the other hand, will grow because of its excellent stability, low current leakage, and low losses at high frequencies.
In terms of voltage, the growth of the low voltage market will be fuelled by rising demand for consumer electronics, which in turn will be fuelled by strong urban population growth and steadily falling prices. Furthermore, the economic expansion has increased disposable income. Because of the increased focus on decreasing power system losses and providing an efficient and continuous power supply, the high voltage sector will rise.
Considering the industry vertical or the end-user, the electric capacitor market will expand due to increased demand for cell phones, digital camcorders, and laptops, as well as their short replacement cycles. The introduction of new technologies such as 4K and OLED televisions, that have a variety of electronic content and functionality, needs improved energy density, capacitance, and bandwidth to promote acceptance of technology.
The North American high voltage capacitor market has grown in response to rising demand for electric capacitors and a surge in the need for grid infrastructure to improve electricity accessibility. In recent years, North America owned the greatest share of the market, accounting for roughly one-third of the total.
Market Segmentation